Grooming products retailer Shaver Shop Group hopes to list on the Australian share market in a $98 million public offer on July 1.
Shaver Shop currently has 99 owned and franchised stores across Australia and New Zealand, selling a range of personal grooming products, electric shavers, clippers and trimmers.
Shaver Shop hopes to raise about $98 million through an initial public offer of 93.4 million new and existing shares priced at $1.05 each.
"A public listing is a significant milestone for a business that goes back almost 30 years and will position Shaver Shop to expand in a rapidly growing industry across Australia and New Zealand," Shaver Shop chairman Brodie Arnhold said on Tuesday.
The group is aiming to have 145 stores in Australia and New Zealand.
Some of the funds raised from the share offer will be used to repay most of Shaver Shop's bank debt in a move expected to give Shaver Shop greater capacity to roll out new stores in, the group said.
Funds will also be used to pay existing shareholders and management shareholders who sell existing shares.
Shaver Shop said future growth is expected to be driven by product innovation, new customers, online sales, more stores, and the buyback of franchised stores.
Shaver Shop will have a market capitalisation of about $131 million upon listing on the Australian Securities Exchange.
The retail offer of shares opens on June 22 and closes on June 27.
Share
